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Tuesday, March 19, 2024
March 19, 2024

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Letter: Trump is peddling ‘snake oil’ plans

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Is Donald Trump a visionary or a snake oil salesman? The answer may lie within Trump’s tax plan that’s cheerfully titled “Tax Reform That Will Make America Great Again.”

In August, Trump was pushing his populist tax ideas and said it was outrageous how little multi-millionaires paid in taxes. When asked if he was prepared to raise taxes on himself, Trump said, “That’s right. I’m OK with it.”

In September, Trump unveiled his tax plan. It has immense tax cuts for the rich, a small cut for everyone else, and a multi-trillion dollar hole in the budget. He has repeatedly asserted that his tax plan will not add to the country’s debt. Outside analysis begs to differ. The bipartisan Tax Policy Center, for instance, estimates that Trump’s plan would drain federal coffers of nearly $10 trillion over the next decade.

In December, The Wall Street Journal published that Trump’s plan would boost after-tax incomes of the wealthiest households by an average of $1.3 million a year. It would also reduce federal revenue by 22 percent.

Donald Trump’s medicine for our economy sounds a lot like snake oil. So the question remains, will you buy it?

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